Ghana’s National Petroleum Authority (NPA) has rejected renewed calls to scrap its Fuel Price Floor Program, saying market conditions that justified the policy remain unchanged.
The regulator said persistent unfair pricing practices in the downstream petroleum sector continue to pose risks to industry stability, making the policy necessary.
Speaking on Joy News’ Business Live, NPA Director of Economic Regulation and Planning Mr. Abass Tasunti said the authority remains cautious about taking actions that could destabilize the sector.
He noted that the petroleum industry is closely linked to the financial system, warning that abrupt policy changes could trigger wider economic disruptions.
Mr. Tasunti said the NPA has no plans to remove the price floor, citing ongoing pricing distortions in the market.
Pressure has intensified from some industry players, including Star Oil Chief Executive Mr. Philip Tieku, who argues that removing the policy would allow pump prices to fall further.
The Chamber of Petroleum Consumers (COPEC) has also called for the policy’s removal, saying it stifles competition and limits consumer benefits.
The Fuel Price Floor Program was introduced in April 2024, requiring oil and LPG marketing companies to comply with minimum fuel prices.
The NPA says the policy aligns with petroleum pricing guidelines and is aimed at promoting transparency and sustainability.
According to the authority, the measure is designed to balance consumer interests with fair business practices across the industry.